GE buys Scholl Canyon Landfill gas project
via Associated Press
GLENDALE, Calif. - General Electric Co.'s energy investment unit acquired a 90 percent interest in the operator of the Scholl Canyon Landfill gas project in Glendale, Calif.
GE Energy Financial Services bought the operating partnership from Scholl Canyon Landfill Gas Corp., which will continue to manage the operations, for an undisclosed amount.
The project captures methane gas from decomposing landfill waste and transports it to Glendale's Grayson Power Plant, where the gas is used to generate electricity sufficient for 10,000 California homes. The project reduces 615,000 tons of greenhouse gas emissions.
Since opening in 1963, the Scholl Canyon Landfill has accumulated 26 million tons of trash at a rate of 1,500 tons of trash per day.
The acquisition is part of GE Energy Financial's goal of investing $4 billion in renewable energy by 2010.
Shares of GE gained 59 cents to finish at $40.71. The stock reached a 52-week high of $40.95 earlier in trading.